The Santa Fe Artificial Stock Market [13, 4] is an agent-based artificial model in which agents continually explore and develop expectational models, buy and sell assets based on the predictions of those models that perform best, and confirm or discard these models based on their performance...

In this paper we study a simple learning paradigm for iterated normal form games in an evolutionary context. Following the decision theoretic concept of satisficing we design players with a certain aspiration level. If their payoff is below this level, they change their current action, otherwise...

A model of division of labour in insect societies based on variable response thresholds is introduced. Response thresholds refer to likelihood of reacting to task-associated stimuli. Low threshold individuals perform tasks at a lower level of stimulus than high threshold individuals. Within...

We investigate the problem of learning to play a generalized rock-paper-scissors game. Each player attempts to improve her average score by adjusting the frequency of the three possible responses. For the zero-sum case the learning process displays Hamiltonian chaos. The learning trajectory can...

A foundational assumption in economics is that people are rational -- they choose optimal plans of action given their predictions about future states of the world. In games of strategy this means that each playersÕ strategy should be optimal given his or her prediction of the opponentsÕ...

There is increasing evidence that collective behavior, such as social choice, price dynamics, and strategic behavior, is related to nonlinear dynamics and thus has the potential for instability and complex behavior. This paper presents experimental results where subjects are placed in a...

The study of learning in games encompasses two research lines: (1) explaining the aggregate stability of classes of games when players use inductive reasoning, and (2) explaining the learning rules used by actual players. We mix approaches by considering both stability and learning rules in...

There is increasing evidence that collective behavior, such as social choice, price dynamics, and strategic behavior, is related to nonlinear dynamics and thus has the potential for instability and complex behavior. This paper presents experimental results where subjects are placed in a...